During its first year of operations, Silverman Company paid $11,360 for direct materials and $11,100...
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Accounting
During its first year of operations, Silverman Company paid $11,360 for direct materials and $11,100 for production workers' wages. Lease payments and utilities on the production facilities amounted to $10,100 while general, selling, and administrative expenses totaled $3,400. The company produced 7,400 units and sold 4,600 units at a price of $6.90 a unit. What is the amount of gross margin for the first year?
$12,320
$11,500
$31,740
$9,280
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